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Medical Imaging Market worth over $58bn by 2027

  • Published Date: August 11, 2021

Medical Imaging Market size is set to surpass USD 58 billion by 2027; according to new research report by Global Market Insights Inc.

Technological improvements and wide availability of medical imaging products including X-ray, CT, ultrasound, and others across different end-users will foster the market growth. Prominent companies operating in the industry include GE Healthcare, Siemens Healthineers, Philips, and Canon Medical Systems. These market participants have been highly benefited by implementing several business strategies such as product launches, partnerships, and mergers.

Growing utilization of artificial intelligence (AI) in radiology will spur the market expansion over the forecast period. The growth of AI in the healthcare sector has been significant and rapid. The medical imaging manufacturers have a deep knowledge of healthcare AI along with a long history of innovation that contributes towards implementation, design, and research of cutting-edge technologies to improve public health.

Higher demand for 3D and 4D ultrasounds will stimulate the medical imaging market progression

Global Medical Imaging Market, By Product

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Ultrasound segment held more than 16.5% of revenue share in 2020 led by the growing burden of chronic disorders across the globe along with rapidly rising elderly population base. Ultrasound is a non-invasive and important clinical tool that uses high-frequency sound waves to produce images. Ultrasound scanning has numerous advantages such as real-time visualization, elimination of ionizing radiation and is interactive, as it helps healthcare professionals to capture different images of organs by moving the probe that augments the industry growth.

Moreover, rising demand for 3D and 4D ultrasounds among general population for clear images will drive the industry expansion. 3D ultrasound scanning requires lesser period for standard plane imagining as compared to 2D ultrasounds and also helps to achieve better visualization of fetal heart structures.

Browse key industry insights spread across 171 pages with 252 market data tables & 07 figures & charts from the report, Medical Imaging Market Size By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Growing number of diagnostic centers in emerging countries will impel the market revenue

Diagnostics centers in the medical imaging market is expected to witness 6.5% growth rate through 2027. The diagnostics centers offer treatment at lower costs as compared to other hospitals that surges its industry demand among general population base. These centers provide diagnostic and therapeutic services using advanced medical imaging devices that provide accurate and faster results, thereby accelerating the industry progression. In addition, the number of diagnostic centers are rapidly rising in developing economies, due to presence of large number of patient population base requiring high-quality medical imaging modalities for better patient care and scanning.

Better healthcare facilities in the European region will fuel the market value

Europe medical imaging market is poised to grow at 5.9% CAGR by 2027. Presence of sophisticated healthcare facilities in hospitals and diagnostic centers for delivering excellent healthcare services coupled with rising government support will help the market gain significant momentum. High disposable income in the region as well as surging demand for advanced medical imaging treatment will favor the industry revenue. Furthermore, rising prevalence of various health disorders will attract large number of industry participants to introduce innovative medical imaging devices for efficient patient care.

Key leaders are focusing on collaborations, mergers and launches to gain higher market share

Prominent players functioning in the market are Canon Medical System Corporation, Fujifilm Corporation, Carestream Health, Hologic Inc., GE Healthcare, Koninklijke Philips, Siemens Healthineers AG, Esaote and Samsung Medison. The companies are focusing on several in-organic and organic growth strategies to sustain the overall industry competition.

Authors: Sumant Ugalmugle, Rupali Swain